Bellevue Gold rebounds as gold miners surge
Make us a preferred source
Make us a preferred source on Google
The news: Gold miners rallied on the ASX as gold prices reached a fresh record high on Wednesday.
The numbers: Gold producers made up seven of the best 10 performing stocks across the ASX 200 index at 3:40pm AEST.
Bellevue Gold (10.1%) led the rally, after plunging nearly 22% on Tuesday on the back of a discounted share placement and further cuts to its full-year production guidance.
Genesis Minerals (9.2%) also jumped after reporting record quarterly production in the March quarter.
Elsewhere, Ramelius Resources (6.4%) and its acquisition target Spartan Resources (6%) both lifted, along with Regis Resources (5.9%), Westgold Resources (3.6%) and Capricorn Metals (3.5%).
Spot gold was up 1.8% to USD3,289.75, according to Bloomberg data, having hit a new record peak of USD3,290.10 earlier in the session.
The context: Gold continued its recent rally as a weaker dollar, escalating trade tensions and worries over global economic growth pushed investors to the safe-haven metal.
Gold has hit multiple record highs this year, advancing more than 25% in the year to date.
The source: Reuters
